6-K

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

February 28, 2007

Commission File Number 001-14956

BIOVAIL CORPORATION
(Translation of Registrant's name into English)

7150 Mississauga Road, Mississauga, Ontario, CANADA, L5N 8M5
(Address of principal executive office and zip code)

Registrant's telephone number, including area code: (905) 286-3000

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ý Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

Yes o No ý

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

Yes o No ý

Indicate by check mark whether by furnishing the information contained in this form the registrant is also hereby furnishing the information to the Commission pursuant to Rule 12g 3-2(b) under the Securities Exchange Act of 1934.

Yes o No ý

BIOVAIL CORPORATION

        This Report of Foreign Private Issuer on Form 6-K is incorporated by reference into the registration statements on Form S-8 (Registration Nos. 333-92229 and 333-138697) of Biovail Corporation.

INDEX

Exhibit 99.1	News Release dated February 28, 2007 — Biovail Calls for Redemption of All Senior Subordinated Notes Due 2010
Exhibit 99.2	Notice of Redemption dated February 27, 2007

SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BIOVAIL CORPORATION
Date: February 28, 2007
	By:	/s/  KENNETH G. HOWLING Kenneth G. Howling Senior Vice President, Chief Financial Officer

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BIOVAIL CORPORATION
INDEX
SIGNATURES

EX-99.1

Exhibit 99.1

        CONTACT: Nelson F. Isabel
Vice President, Investor Relations &
Corporate Communications
(905) 286-3000

For Immediate Release:

BIOVAIL CALLS FOR REDEMPTION
ALL OUTSTANDING SENIOR SUBORDINATED NOTES DUE 2010

Redemption Eliminates All -Long-Term Debt, Effective April 1, 2007

TORONTO, Canada, February 28, 2007 — Biovail Corporation (NYSE/TSX: BVF) today announced that it has called for redemption all of its outstanding 7⁷/8% Senior Subordinated Notes issued in 2002 and due April 1, 2010 (CUSIP No. 09067JAB5). The Notes will be redeemed at a redemption price of 101.969% of the principal amount thereof, plus accrued interest, up to the redemption date of April 1, 2007.

Copies of the Notice of Redemption and additional information related to the procedures for redemption will be available to U.S. holders from Computershare Trust Company, Inc. (350 Indiana Street, Suite 800, Golden, CO, 80401), and to Canadian holders from Computershare Trust Company of Canada (100 University Avenue, 8^th Floor, Toronto, ON, M5J 2Y1).

About Biovail Corporation

Biovail Corporation is a specialty pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture and commercialization of pharmaceutical products utilizing advanced drug-delivery technologies. For more information about Biovail, visit the Company's Web site at www.biovail.com.

For further information, please contact Nelson F. Isabel at 905-286-3000, or send inquiries to ir@biovail.com.

1

EX-99.2

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Exhibit 99.2

NOTICE OF REDEMPTION

To the Holders of:	BIOVAIL CORPORATION
	77/8% SENIOR SUBORDINATED NOTES DUE 2010 (the "Notes")
CUSIP Numbers:	09067JAB5

        Reference is made to that certain Indenture dated March 28, 2002 (the "Base Indenture"), as supplemented by the First Supplemental Indenture thereto dated March 28, 2002 (the "Indenture Supplement" and, together with the Base Indenture, the "Indenture") between Biovail Corporation, as Issuer, Computershare Trust Company, Inc., as U.S. Trustee, and Computershare Trust Company of Canada, as Canadian Trustee. Capitalized terms used but not defined herein have the meaning set forth in the Indenture.

        NOTICE IS HEREBY GIVEN that, pursuant to Section 501 of the Indenture Supplement and Article Eleven of the Base Indenture:

        1.     The Issuer has elected to redeem the entire outstanding aggregate amount of Notes pursuant to the fourth paragraph of the Reverse of Note.

        2.     The Redemption Date will occur on April 1, 2007 (the "Redemption Date"). The Redemption Price of the Notes is 101.969% of the principal amount of Notes, plus accrued and unpaid interest to the Redemption Date (which total amount shall be $1,059.065 per $1,000 principal amount of Notes), which will become due and payable on the Redemption Date. April 1, 2007 is a Sunday and not a Business Day. As per the Indenture, the Redemption Price and the accrued and unpaid interest will not be paid until the next succeeding Business Day with the same force and effect as if made on the Redemption Date and no interest shall accrue for the period from and after the Redemption Date through such next succeeding Business Day.

        3.     From and after the Redemption Date, the Notes will cease to bear interest unless the Issuer defaults in the payment of the Redemption Price and any accrued interest.

        4.     COMPUTERSHARE TRUST COMPANY, INC. (the "Paying Agent") will act as Paying Agent for the purpose of receiving Notes tendered for redemption. Delivery of Notes to the Paying Agent for such purpose at the place fixed for redemption may be as follows:

By Registered or Certified Mail; Hand or Overnight Delivery: 350 Indiana St., Suite 800 Golden, CO 80401	Facsimile Transactions: (Eligible Institutions Only) (303) 262-0606 Attn: Corporate Actions
For Information or to Confirm by Telephone Call: (800) 962-4284

        The method of delivery of certificates is at your election and risk. If delivered by mail, we recommend registered insured mail.

        5.     In order to collect the Redemption Price, Notes must be surrendered to the Paying Agent at any time on or after the close of business on the Redemption Date.

        6.     No representation is made as to the correctness or accuracy of the above CUSIP number or the one appearing on the Notes of this issue.

Dated: February 27, 2007
	BIOVAIL CORPORATION

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NOTICE OF REDEMPTION